Checkpoint price target adjusted to $76 at H.C. Wainwright after reverse split

H.C. Wainwright analyst Joseph Pantginis adjusted the firm’s price target on Checkpoint Therapeutics to $76 from $26 and keeps a Buy rating on the shares, citing the recent 1-for-10 reverse split, adjustment to the fully diluted share count that had a negative impact and and adjustment to his base year. While he acknowledges "the large distance between the current share price and our price target, Pantginis highlights the implied market cap of approximately $1B off of fully diluted shares representing approximately "only" one times his projected peak revenue estimates for cosibelimab in cutaneous squamous cell carcinoma, or cSCC, alone.